Saturday, November 19, 2016

Coal and Crude Oil On the Way Out?

Given the revelations at the annual UN’s COP22 meeting in Marrakech, are coal and crude oil on the way out to be replaced by renewable energy sources?

By: Ringo Bones 

Maybe the American president-elect Donald J. Trump should pay close attention to the “revelations” of this year’s COP22 climate conference held in Marrakech which shows that renewable are increasingly getting more economically viable and coal is on the way out because more and more developing countries are rejecting its use due to the harm it can do to the environment offsets any profit gained. Maybe president-elect Trump should offer America’s coal industry alternative jobs instead. 

International Energy Agency representatives and industry analysts during this year’s COP22 Conference in Marrakech have shown figures that, if current trends continue, in the subsequent decades, renewable could become more economically viable than coal and crude oil due to China and scores of African states choosing to adopt renewable energy infrastructures for power generation. The only fossil fuel that could remain economically viable in the subsequent decades is natural gas – that is if the environmental downsides of fracking are solved. 

Ever since China has adopted renewable energy sources big time since 2005 and the country’s increased impetus to adopt renewable energy sources in the wake of the air pollution threatening to spoil the 2008 Beijing Olympics, the current economies of scale has driven coal and crude oil less economically viable in comparison to large-scale wind turbine and solar power installations. Look like environmentalists around the world could get the most of what they want and, sadly, America’s coal industry could die an ignominious death from an environmentalists’ perspective.

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